Foxconn offered $5.3 billion to buy Sharp

Foxconn wanted to get its foot in the door of the display business and offered $5.3 billion to buy the troubled Japanese outfit Sharp.

According to the Wall Street Journal said that while Sharp would be happy with the deal, Japanese officials are a little wary about it. It would mean that the Japanese outfit will come under foreign control along with its display technology.

Industry minister Motoo Hayashi said that “Japan’s technology is leading the rest of the world and we would like to help make it even more competitive.”

In fact it has been suggested that banks are currently reviewing a competing offer from Innovation Network, a Japanese-government backed investment fund.